Moneycontrol
Jan 03, 2018 01:11 PM IST | Source: Moneycontrol.com

Hold Punjab National Bank, growth to improve from Q3FY18: Jefferies

The firm believes that the capital boost will allow faster loan book growth of the company.

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Jefferies, a global brokerage house, has maintained hold rating on Punjab National Bank (PNB) with target price of Rs 190 per share.

The firm believes that the capital boost will allow faster loan book growth of the company.

The growth is likely to improve from Q3FY18 with uptick in corporate loans. The company's stressed assets are steady, while provision coverage is going to improve, it added.

The broking firm expects pre-provision operating profit is likely to grow at a CAGR of 22 percent over FY18-20.

The company's NIM is likely to improve with IBC or other resolutions coming through, it said.

At 13:06 hrs Punjab National Bank was quoting at Rs 167.85, up Rs 1.40, or 0.84 percent on the BSE.

The share touched its 52-week high Rs 231.60 and 52-week low Rs 113.30 on 26 October, 2017 and 02 January, 2017, respectively.

Currently, it is trading 27.53 percent below its 52-week high and 48.15 percent above its 52-week low.

Posted by Rakesh Patil
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